Combined obligations of Azerbaijan's banks to the central bank jumped to 5.4 billion manats ($3.4 billion) by Jan. 1, up from 1.5 billion a year earlier, central bank data showed on Tuesday.
Azerbaijan's oil-driven economy is under stress, hit hard by a plunge in world crude prices, the devaluation of the national manat currency and the sharp depreciation of the currencies of its major trading partners.
Local banks most actively turned to the central bank for financial support in August, drawing 556.9 million manats, September (908.2 million manats), October (962.9 million manats) and in December (508.8 million manats), the central bank said. ($1=1.5785 manats)
(Reuters)
(Reuters)
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